04.05.201611:48 Forex Analysis & Reviews: Global macro overview for 04/05/2016

Global macro overview for 04/05/2016:

The series of services PMI for the eurozone region was released today and it was the first set of this data-heavy day. The composite services PMI for the eurozone hasn't changed as it still is at the level of 53.0 points, just like a month ago. Nevertheless, in some countries PMI varied slightly. The biggest disappointment was French and German data, it was slightly below the expectations. On the other hand, the biggest improvement could be noticed among Italian and Spanish PMI figures that were better than the market expectations. In conclusion, both Manufacturing and Services PMI ( manufacturing data was published yesterday) did not really caused any panic on the markets as the data was overall quite decent and showed that the eurozone economy is slowly but steadily improving despite the internal and global headwinds.

Let's now take a look at the EUR/USD technical picture in 4H time frame. The market reversed from the swing top at the level of 1.1615, but still bulls are in control over this market and as long as the level of 1.1215 is not clearly violated, bulls will stay in control. The next support is seen at the level of 1.1466.